__________________________ Are Intentional Mistakes While __________________________ Are Unintentional Mistakes

question 11

Short Answer

__________________________ are intentional mistakes while __________________________ are unintentional mistakes.

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Definitions:

Additional Unit

An incremental quantity of a product or service, typically considered in the context of production or consumption.

Substitution Effect

The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods.

Income Effect

The alteration in the consumption habits of a person or an economy due to a variation in actual income.

Inferior Good

A type of good for which demand decreases when income increases, and vice versa, unlike normal goods where demand increases with an increase in income.